Crude Oil Up 5.1% For The Week

Crude Oil Up 5.1% For The Week

Crude oil futures were flat Friday, holding strong weekly gains after industry data showed the U.S. oil rig count dropped for a second week post-hurricanes.

Baker Hughes reported the number of active U.S. rigs slipped by 8 to 936, as refineries hit by Hurricane Harvey also went offline.

WTI light sweet crude oil, which briefly jumped above $50 a barrel, settled unchanged at $49.89 for the day. Prices were up 5.1% for the week.

In economic news, U.S. retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July. Economists had expected retail sales to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

With Hurricane Harvey negatively impacting output, the Federal Reserve released a report on Friday unexpectedly showing a notable decline in U.S. industrial production in the month of August.

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